Tailored Legal Solutions for Orlando’s High Net-Worth Families
Orlando is not just a vibrant city filled with world-class attractions; it’s also home to a dynamic community of business owners, professionals, and high-income earners. Divorce is never easy, but for high net-worth individuals, the stakes are even higher. When significant assets, businesses, and investments are involved, it’s crucial to work with an attorney who understands the complexities of high-value divorces.
I’m Beryl Thompson-McClary, an Orlando divorce attorney who handles high net-worth cases throughout Orange County, Florida. My goal is to protect your financial future and help you through this challenging time. If you’re facing a divorce, I’m here to help you navigate the legal process while safeguarding your assets. Call me at 1-888-640-2999 for an initial consultation to discuss your unique situation.
Understanding How Florida Handles Asset Division in Divorce
Florida is an equitable distribution state, meaning marital assets and liabilities are divided fairly—though not necessarily equally—in a divorce. For high net-worth individuals, this process can become complicated due to the variety of assets involved, including:
- Real estate holdings
- Business interests
- Investments and stock portfolios
- Retirement accounts and pensions
- Intellectual property
- Luxury assets like yachts, cars, and collectibles
The court considers several factors when determining how to divide marital property, as outlined in Florida Statute §61.075. These factors include the length of the marriage, each spouse’s contributions to the marital estate, the economic circumstances of both parties, and the desirability of retaining particular assets, such as a family home or business.
Defining Marital vs. Non-Marital Assets
One of the first steps in dividing assets is determining which are considered marital property and which are non-marital. Under Florida law, marital assets generally include:
- Assets acquired during the marriage, regardless of whose name is on the title
- Income earned during the marriage
- Increases in value of non-marital assets due to marital contributions or efforts
Non-marital assets, on the other hand, include:
- Property owned before the marriage
- Gifts or inheritances received by one spouse individually
- Assets excluded by a valid prenuptial or postnuptial agreement
Disputes often arise over whether certain assets are marital or non-marital, especially when they’ve been commingled. For example, if one spouse used personal funds to improve a marital property, the increased value may be considered marital. I’ll help you navigate these distinctions and advocate for your interests.
Valuing Complex Assets
In high net-worth divorces, accurately valuing assets is critical. This often requires the assistance of financial professionals such as forensic accountants, business valuation experts, and appraisers. Assets like businesses, investments, and intellectual property require thorough evaluation to ensure a fair distribution. For example:
- Business Valuation: Whether you’re a small business owner or have a stake in a professional practice, determining the value of your business is essential. This includes assessing tangible and intangible assets, such as goodwill.
- Stock Portfolios: Fluctuating market conditions can impact the value of investments, making proper valuation essential for equitable distribution.
- Luxury Items: High-value assets like yachts, art collections, or exotic cars often require specialized appraisals.
As your attorney, I’ll work with trusted professionals to ensure every asset is properly valued and accounted for.
Protecting Business Interests
For business owners, a divorce can significantly impact operations and ownership. Under Florida law, a business founded or grown during the marriage is typically considered marital property. However, factors such as prenuptial agreements or business structures can influence how the court treats these assets.
Options for protecting your business in a divorce include:
- Buyouts: One spouse buys out the other’s interest to retain sole ownership.
- Dividing Business Shares: Ownership is divided, though this is less common due to operational complications.
- Selling the Business: The business is sold, and proceeds are divided.
I’ll help you explore the best strategy to protect your business and minimize disruption.
Addressing Debts and Liabilities
High net-worth divorces often involve significant liabilities, such as mortgages, business loans, and tax obligations. Florida courts divide debts equitably, just like assets. Disputes may arise over whether certain debts are marital or non-marital. For instance, a loan taken out by one spouse for personal purposes might not be considered marital debt.
The Role of Prenuptial and Postnuptial Agreements
For high-income earners, prenuptial and postnuptial agreements often play a crucial role in asset division. These agreements can outline how assets and debts will be divided in the event of a divorce, protecting specific assets or business interests.
Florida courts generally uphold these agreements as long as they were entered into voluntarily and with full financial disclosure. If your case involves such an agreement, I’ll carefully review it to ensure your rights are protected.
Tax Implications of Asset Division
Tax consequences are a critical consideration in high net-worth divorces. Some assets, like retirement accounts, may incur penalties or tax liabilities if not handled properly. Similarly, selling certain properties or investments can trigger capital gains taxes. I’ll help you evaluate the tax implications of various settlement options to protect your financial future.
Why Choose Attorney Beryl Thompson-McClary?
Handling high net-worth divorces requires a strategic approach and a thorough understanding of Florida’s family laws. I’ve spent years helping clients in Orlando and throughout Orange County protect their assets and secure favorable outcomes. My approach is client-focused, ensuring that your unique needs and goals are always prioritized.
If you’re ready to take the first step, call me at 1-888-640-2999 for an initial consultation. Together, we’ll create a strategy to safeguard your assets and provide you with peace of mind during this challenging time.
FAQs About High Net-Worth Divorce in Florida
What happens to a business in a high net-worth divorce?
Florida courts treat businesses as marital property if they were founded or grew during the marriage. Valuation is a key step in determining how the business will be divided. Options include selling the business, dividing shares, or a buyout arrangement. I’ll work with valuation experts to protect your interests and minimize disruption to your business.
Can I protect inherited assets in a Florida divorce?
Inherited assets are typically considered non-marital property. However, if they’ve been commingled with marital assets, they may lose their non-marital status. For example, using inherited funds to renovate a marital home could make them subject to division. I’ll help you address any commingling issues and safeguard your inheritance.
How does equitable distribution work in high net-worth divorces?
Equitable distribution means the court divides assets and debts fairly, not necessarily equally. Factors such as the length of the marriage, contributions to the marital estate, and economic circumstances are considered. For high net-worth cases, the complexity of assets often requires thorough evaluation and negotiation.
Can a prenuptial agreement be challenged during divorce?
Yes, a prenuptial agreement can be challenged if there’s evidence it was signed under duress, without full disclosure, or is otherwise unfair. If your case involves a contested prenuptial agreement, I’ll provide the legal support you need to protect your rights.
Are retirement accounts divided in high net-worth divorces?
Retirement accounts earned during the marriage are typically considered marital property and subject to division. The division often requires a Qualified Domestic Relations Order (QDRO) to transfer funds without penalties. I’ll ensure the division is handled properly to avoid unnecessary costs.
How do Florida courts handle hidden assets in divorce cases?
If one spouse is suspected of hiding assets, the court can require full financial disclosure and may appoint a forensic accountant to investigate. Florida law imposes severe penalties for failing to disclose assets. I’ll ensure your case includes a thorough review to identify and address any hidden assets.
What is the role of forensic accountants in high net-worth divorces?
Forensic accountants analyze financial records to identify hidden assets, assess the value of complex holdings, and ensure accurate reporting. They’re often essential in cases involving business ownership, investments, or disputed valuations. I’ll work closely with these professionals to protect your financial interests.
Can I keep the family home in a divorce?
Whether you can keep the family home depends on factors like your financial situation and whether other assets can offset its value. Courts may also consider the best interests of any children involved. I’ll help you evaluate your options and negotiate for a fair outcome.
How long does a high net-worth divorce take in Florida?
The timeline varies depending on the complexity of the case and whether disputes arise. High net-worth divorces often involve lengthy financial evaluations and negotiations, which can take several months to over a year. I’ll work diligently to resolve your case efficiently while protecting your interests.
Contact Orlando Attorney Beryl Thompson-McClary at 1-888-640-2999 For an Initial Consultation
Divorce can be challenging, but you don’t have to face it alone. Let me help you protect your assets and secure your future. Call today to schedule an initial consultation.
Beryl Thompson-McClary
Address: 390 N Orange Ave #2300, Orlando, FL 32801, United States
Hours: Open
Phone: 1-888-640-2999
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